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Old 10-13-2008, 03:29 PM
 
91 posts, read 258,566 times
Reputation: 21

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We will be going into contract this week for a first time home purchase. The seller is hoping to close by mid- Nov, we are secretly hoping it's not till the beg of Dec. Is a closing in mid-nov even practical, I have heard that it will take at least 45 days, and I don't want to pay any penalties. Should we just put on the contract on or around Dec 1st to avoid this, or continue with mid- Nov?
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Old 10-13-2008, 03:50 PM
 
Location: Nassau, Long Island, NY
16,408 posts, read 33,326,495 times
Reputation: 7341
Smile Why Keep it a Secret?

Quote:
Originally Posted by jen919ifer View Post
We will be going into contract this week for a first time home purchase. The seller is hoping to close by mid- Nov, we are secretly hoping it's not till the beg of Dec. Is a closing in mid-nov even practical, I have heard that it will take at least 45 days, and I don't want to pay any penalties. Should we just put on the contract on or around Dec 1st to avoid this, or continue with mid- Nov?
Why keep it a secret? If "on or around Dec. 1" is what works for you, put that in your contract, because how else is anybody going to know what works for you? You don't want to get stuck closing too soon and having any problems. I am sure the seller is just happy to have a buyer and can wait a few weeks. Good luck!
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Old 10-13-2008, 03:57 PM
 
91 posts, read 258,566 times
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The seller wants a fast closing so we figured we could maybe stall things for 15 days, but maybe I will call my lawyer tom and tell her Dec 1st just in case.
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Old 10-13-2008, 04:10 PM
 
Location: Nassau, Long Island, NY
16,408 posts, read 33,326,495 times
Reputation: 7341
Quote:
Originally Posted by jen919ifer View Post
The seller wants a fast closing so we figured we could maybe stall things for 15 days, but maybe I will call my lawyer tom and tell her Dec 1st just in case.
You're the one in the driver's seat. Do you think the seller will call off the sale if you can't close in the middle of November? I doubt it, unless there was a bidding war and there are other buyers waiting in the wings. It's not fair to say "yes" to a timeframe and then stall because that could cause big problems for the seller and put their plans out of whack and possibly cause them and their attorney to freak out once they hear of the 15 day delay. It's better to be upfront about your real timeframe for all involved, so I think it's a good idea to tell your lawyer Dec. 1 ASAP.
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Old 10-13-2008, 04:27 PM
 
91 posts, read 258,566 times
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Yeah your right !
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Old 10-13-2008, 08:52 PM
 
Location: Long Island
9,933 posts, read 23,174,546 times
Reputation: 5910
Quote:
Originally Posted by jen919ifer View Post
We will be going into contract this week for a first time home purchase. The seller is hoping to close by mid- Nov, we are secretly hoping it's not till the beg of Dec. Is a closing in mid-nov even practical, I have heard that it will take at least 45 days, and I don't want to pay any penalties. Should we just put on the contract on or around Dec 1st to avoid this, or continue with mid- Nov?
I agree with being up front regarding the date. "On or about" is a guideline. If you should find you're ready earlier than say Dec. 1st, your attorney can always convey that to the sellers. Also, customarily, there is a 30-day window from the "agreed upon" date without penalties - unless the contract states "time is of the essence" and I personally would never sign a contract with that clause.
Keep in mind though, I'm a Realtor, not an attorney and therefore cannot give legal advice...
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